On May 7th, overseas titanium mining giant Kenmare released its supply and demand forecast for the next three years at the TZMI Forum 2025.
It is believed that by 2028, there will be a global demand for an additional 1.5 million tons of titanium dioxide (approximately 3 million tons of ilmenite) to match the growing demand.
The challenges faced by the supply include:
Financial, community, environmental, mineral, and sovereign risks pose challenges to potential new supplies
Recent raw material prices are expected to be unable to incentivize sufficient new supply to meet demand growth
Most new investments come from non-traditional channels
Regarding demand, Kemer believes that the newly added supply will be transported to China in the form of concentrate for further processing, and almost all of the new consumption will be in China.
Kemer believes that significant investments around new supply are needed to meet future demand growth.
The implication is that the global supply and demand of titanium ore will be relatively tight in the next three years.
